Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

GBP/CHF broke pivotal resistance level 1.4290

  • GBP/CHF broke pivotal resistance level 1.4290
  • Next buy target - 1.4600

GBP/CHF recently broke through the resistance zone lying between the pivotal resistance level 1.4290 (which stopped the previous waves (b) and 2 in February and March) and the 61.8% Fibonacci correction of the previous intermediate downward impulse wave (C) from February. The breakout of this resistance zone accelerated the active minor impulse waves 3 and (3) – both of which belong to the primary impulse wave Ⓒ from the start of April.

GBP/CHF is expected to rise further to the next buy target at the resistance level 1.4600 (target price calculated for the completion of the active impulse wave (3)).

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